Flat building to taper off in 2014

National Development Minister Khaw Boon Wan has said the Housing Development Board (HDB) will start tapering off the massive construction programme from next year.

In a blog post Monday, he said three years of ramp-up have begun to "restore the balance in our housing market".

But Mr Khaw said the tapering will be done in a "measured" way to allow the market to gradually adjust, just like the Government had done to cool the property market earlier.

Mr Khaw said that as the November Build-to-Order (BTO) and Sale of Balance Flats launch - the last exercise for the year - drew to a close, the average BTO application rate has fallen from a high of 5.3 in 2010, to a low of 2.9 this year.

The November exercise saw 8,952 flats in a single launch, making it the largest in HDB's history.

Mr Khaw said with this, HDB has delivered over 25,000 BTO flats this year and over 77,000 BTO flats in the last three years.